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EVENT DETAILS |
Alternative Futures: How the Collision of Automation, Inequality & Demographics Will Transform the Workforce & Economy in the Next 10 Years (a workshop)
Workshop limited to 40 people. Beverages & snacks included but you're welcome to bring your own as well.
FULL workshiop description at event website:http://bit.ly/labor2030workshop
Preparing for"the Great Transformation"
"Demographics, automation & inequality have the potential to dramatically reshape our world in the 2020s & beyond. Our analysis shows that the collision of these forces could trigger economic disruption far greater than we have experienced over the past 60 years. The coming decade will test leadership teams profoundly. Resilient organizations that can absorb shocks & change course quickly will have the best chance of thriving in the turbulent 2020s & beyond." --Karen Harris,Austin Kimson,AndrewSchwedel (Bain & Company Micro Trends)
Part of ourMission AIevent series,this workshop will offer an overview & analysis of new research published by Bain & Company,Labor 2030: The Collision of Demographics, Automation & Inequality-- a unique & unsettling forecast of the futurelabor market & economy. Additionally, this workshop will offer a brief overview ofcomparable research published over the past year & explore how we can use this information to make wise, informed decisions that prepare usfor the future.We are already beginning to see & feel the impact of automation across industries & the world. When General Motorsrecently announcedthat they are laying off 14,000 workers & closing 5 plants within a year, it came as a shock to workers, the unions and, well, everyone. GM made this decisionbased on projectionsof how the auto industry will be impacted by the rise of electric cars & autonomous vehicles in the next 10-20 years. It's being reported thatFord Motors will also announce layoffsthat could dwarf GMs numbers. As industries restructure to prepare for mass adoption of automation, changes to the labor market & economy will be deep, they will happen quickly, & the effects may be felt for a long time.This workshop isfor professionals who who want to understand the forces at play catapulting us to a new & entirely unfamiliar world run by automated technologies, & who want to gain a more nuanced understanding of how society & businesses will be impacted by automation.The research will be presented byStephanie Bosco-Ruggiero (a PhD candidate at Fordham University Graduate School of Social Service).
Topics We Will Cover
Published in February 2018 by Bain's Micro Trends team, this reportexplainsthe forces that will ultimately collide & drastically reorder the global workforce & economy. The report calls the next10-20 years of extreme volatility "the Great Transformation."
"By 2030-little more than a decade from now-the global economy will likely be in the midst of a major transformation. Companies & investors grapple with changing conditions constantly, but our research points to an unusual level of volatility in the decades ahead...Humanoid service robots, machine learning algorithms & autonomous logistics will replace millions of service workers in the coming decade. Experts are rushing to forecast the likely impact on jobs. But most projections overlook two powerful forces that will combine with automation to reshape the global economy by 2030: rapidly aging populations & rising inequality."
We will cover the following topics from this report:
The impact of aging populations & the end of plentiful labor. The baby boomer generation powered a long but temporary surge in labor force growth. Now this group is moving into retirement, & labor force growth is slowing. That, in turn, imperils growth.
How automation may solve one problem by increasing productivity & powering growth but creates another by potentially eliminating millions of jobs & suppressing wages for many workers.
How rising inequality could threaten growth. Demographic shifts combined with the next phase of automation will increase income inequality from already high levels. Middle- & low-income families are likely to be hit hardest, putting downward pressure on consumer spending & growth.
How developments are likely to unfold in the turbulent 2020s. Investment in new automation technologies should fuel a period of robust growth. When it tapers off-sometime around the end of the decade, based on our estimates-growth is likely to become severely demand constrained.
The outlook if governments intervene more actively in the marketplace to address economic imbalances. Their options include tax, labor market & regulatory interventions. The manner & likelihood of such interventions will vary greatly from country to country.
The practical business implications of these trends for leadership teams, including the need to adjust to a macro environment that veers between extremes.
We'll also reviewmedia coverage of the impact of automation happening today & explore how media coverage impacts public/consumer perception & government policy (for better or worse).Attendees will participate in an interactive workshop exercise & survey to explorealternativefutures according to this report.
Workshop Takaways
According to the authors, the goal of thisreport is tohelp business leaders & entrepreneurs "put these changes in context & consider the effects they will have on their companies, their industries & the global economy" (before it's too late).Attendees willgain a substantiveunderstanding of this research & be able to "connect the dots" with regards to the implications of the research & relevant events happening today. The end goal is to become comfortable with speaking about this research & to think critically about what it implies.And finally, attendees will be challenged to develop an outline of a strategy for how they (or their company) should begin to prepare for the Great Transformation.There are no prerequisites or technical skills required. However, it is suggested that all participants read the research report before the workshop.
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